KS in Virginia said: “NEED IMMEDIATE HELP FOR HOMEOWNER with HSBC loan who is being unnecessarily forced into foreclosure due to HSBC short sale department’s punitive action. I am a real estate agent who has been trying to sell a client’s home for the last two years.
This year, she lost her job and could no longer pay the mortgage. We tried to sell it at a price that would pay off the mortgage in full. The housing market crisis had driven the price down and we were unable to get the amount owed for this house. Due to her hardship, we received permission to short sale the property.
One of the first good offers we had was lost because HSBC did not respond to us in a timely fashion. The next 4 offers we got were for $25,000 less than owed. Comps were sent to HSBC to verify that comparable value of this house was indeed $15-20,000 less than loan amount.
At the last minute, we got a gross offer $5,000 under what was owed on the loan which was SPECTACULAR! HSBC approved it and then promptly SLASHED ALL AGENTS COMMISSION from what was agreed upon! Though Fannie Mae and Freddie Mac and other reputable organizations have legislated changes that forbid slashing agent’s commissions, HSBC thumbs their nose at them.
Agents work 10 times as hard and WE ARE THEIR BAILOUT! We are the one who works hard to buffer losses on both sides. Because they cut the commission, the other party walked (as they should have.) They are now “punishing” my client by refusing to return calls, refusing backup contracts with the intent of allowing the house to go into foreclosure EVEN THOUGH THE OFFER TO HSBC thru the first deal would have net HSBC MORE - even with paying the additional $1,500 commission they slashed!
They are bullies and are unconcerned about this homeowner. This homeowner will be a victim of their punitive decisions to “punish” us - the real estate agents who stood up for the AGREED upon commission!
We work HARD for our money and we should be respected and protected as partners working along side to buffer losses.
I have reported this to our political action committee and have contacted HSBC executives in an effort to do what is equitable for all involved. I am awaiting responses from many. Any help would be greatly appreciated!”
Related posts:
